Housing Prices In India: Delhi NCR has seen the biggest jump in the prices of residential property. According to a report, with an increase of 14 per cent between the July to September quarter of 2022, the prices of houses in Delhi-NCR have seen the highest increase in the entire country.
CREDAI, Colliers India and Liases Foras have released a joint report, according to which residential property prices in Delhi NCR have seen a jump of 14 per cent between July and September quarter and the price On an average, it has reached Rs 7741 per square foot. The highest price hike of 21 per cent has been seen in Golf Course Road area, followed by Ghaziabad. Kolkata has seen the highest increase of 12 per cent in residential property prices after Delhi NCR. The average price in Kolkata has increased to Rs 6,594 per sq ft. In Ahmedabad of Gujarat, the prices have increased by 11 percent, whereas in Pune, the prices have increased by 9 percent. The average price in Hyderabad has increased by 8 per cent and the average price has reached Rs 9,266 per sq ft. In Bangalore, the prices have increased at the rate of 6 percent. However, according to the report, the prices have remained stable in Chennai and Mumbai Metropolitan Region.
Unsold inventory decreased
According to the report, due to the tremendous housing demand in the third quarter of 2022, the unsold inventory in Delhi NCR has also decreased by 11 percent. On the other hand, due to the launch of new housing projects in the Mumbai Metropolitan Region, there has been an increase of 21 percent in the unsold inventory. CII National President Harsh Vardhan Patodia said that there has been a remarkable recovery in terms of prices in the real estate market across the country. During the pandemic, people understood the importance of their own house instead of a rented house, due to which the housing demand has remained tremendous.
Increase in cost due to increase in cost
According to the report, due to the increase in the construction cost, residential property prices have seen a jump of 6 per cent between the July to September quarter of 2022 as compared to the same quarter last year in 8 major cities of the country. It has been said in the report that from the beginning of 2022, there has been a rise in the prices of residential property due to the increase in input cost along with the increase in demand.